tragedy in japan. uncertainty in the middle east. the stock market swoons. what it all means for the global economy and your portfolio. maria talks to a movie and marketing mogul. her discussion with harvey weinstein about the oscars, making movies and "the king's speech." and spiritual adviser deepak chopra on the soul of leadership. doing well and doing good. >> this is america's number one financial news program, "the wall street journal report." now maria bartiromo. >> i'll be back with more of the show in just a moment.

but first, let's get to bill griffith. he has a look at some of the stories and the headlines right now. bill? >> thanks, maria. here is a look at what is making news as we head into a new week on wall street. volatility was certainly the word of the week or to the markets. the vix which measures volatility, affectionately known as the fear index spiked to its highest level since last july on the concerns about japan's nuclear mess, tensions in libya, worries in bahrain. the dow tumbled more than 100 points on those concerns on tuesday. and then fell another 240 points on wednesday, but it bounced back on wednesday. the fed's open market committee met this week. and as expected, left rates unchanged near zero. in its statement, the fed officials said the economy was on firmer footing. and in spite of concerns about rising oil and commodity prices, over the long-term, inflation was likely to remain low. and if you're stewing about rising food prices lately, you're not alone. the latest government report on producer prices showed food

prices rising by 3.9% last month. that is the biggest hike since november of 1974. most of the food spike is due to sprouting vegetable costs. and that's because of bad weather. there has been so much turmoil over the past few weeks, headlined of course by the tragic earthquake in japan and the uncertainty over its aftereffects on the japanese nuclear power plant. what does it all mean to the global economy and to your portfolio? joining me now, john riting. and jim paulson, chief investment strategist at wells capital management. good to see you both. john, we have to believe at some point that the earthquake and its aftereffects in japan, the unrest in the middle east and the rise in oil we've seen would have to have some sort of a drag on the global economy. do you agree? >> i don't think so. i think for the middle east it depends on what happens to the price of oil. and we seem to be stabilizing

for now around $100. only 10, $15 a barrel higher than we were a couple of months ago. and as for japan, yes. short run disruption, especially to supply chains, especially to facilities that are offline. but also then comes the reconstruction effort. and if you look at what happened after say the kobe quake in 1995, the three quarters that followed were the fastest three quarters for the fastest gdp growth for the japanese in the last 20 years. so i think that all things considered, the world economy is going to get through this, as horrible as the events are at a personal level in japan. >> right. and jim, there has been a short-term dislocation for investors as well. if you're a long-term investor, how do you try and weather all of the volatility we've seen the last few weeks? before the market is trying to stabilize here? >> well, hopefully everyone should be diversified, bill. and that's what you do for events like this. it doesn't usually work out too well if you try to sell into

panics. and this has been such a -- because of the human tragedy involved here, it's been such an emotional crisis, unlike financial ones, that i think it has tended to probably -- people have overdiscounted prices of the stock market for example for worst-case outcomes. it's such human drama involved in it. and i would say that more likely the worst-case outcome won't come about. and it's probably a buying opportunity in an ongoing rise in the stock market here over the period. a couple of the points i point point out. one is i think a really important thing investors shouldn't lose focus on is the u.s. economy is doing very well. it's probably growing 3 to 4%. job creation has just notched up quite significantly. we're seeing better retail sales as a result of that. the manufacturing sector is very strong. and i think when this calms down, we're going to be left with that fundamental, which is still pretty good. >> and along those lines, john,

it's pretty clear after the last couple of fed meetings that they're no longer concerned about deflation, that they are turning their attention to inflation, which right now statistically they're not that concerned about, even though we did get a pretty strong wholesale price index report this week, and a consumer price index, which is starting to show signs of inflation. what is your view of inflation and the fed policy? >> well, i'm more concerned about inflation than the fed is. i don't think it's just about this artificial concept of core excluding food and energy. >> right. >> i don't think that resonates with the public, with your viewers. they see gas prices every day. they fill the tank once or twice a week. they go to the grocery stores. and that's an area where we are seeing inflation pressures. and historically, pressures and food prices have been transmitted into the rest of the economy. >> jim, all of these events occur at a time after a pretty good two-year move for the u.s. markets off those lows of march of '09 where the s&p has doubled those levels in the past month

or so. were we due for a correction anyway? and do you think even though you see these dips as buying opportunities, that we could see an even bigger decline down the road here? >> i definitely think as you say this market was ripe for a period of consolidation. and we probably would have got it from somewhere. this just happened to be the catalyst that puts news that place and created a 5 to 7% sellout. it certainly could get a little worse. but i think the fundamental underpinnings of this in the global economy, and particularly the united states bill are just too good for this to be a more serious kind of bear market event or something. i think it's more likely a short-term consolidation that is likely to catch steam again. >> and of course the stock market has reflected the continued recovery of the u.s. economy here, john. what do you -- we're seeing some better signs in the jobs market, manufacturing. housing still a problem. but what do you make of what is going on in the economy right now?

>> i think we came into this event with good momentum. i think jim's right. underlying growth somewhere between 3 and 4%. we're at 3.5% this year. so i think the risk of getting back into those double-dip anxieties like last year are relatively small at this point. which that in mind, jim, what do you like here if you are looking for bargains in the stock market. where do you look these days? >> i mention two things, bill. my favorite right now is emerging markets. they have underperformed really since last november fairly significant to the broader domestic marketplace here. and they've kind of lost their following as a result. in this country, i really like the manufacturing sector here. it is the clear leader of this economic recovery. manufacturing is leading. it's not only healthy, it's robust. and it's probably the first time we've been led by manufacturing in decades. and i think that that's going to continue over the next several years.

>> jim paulson, john righting, good to see you both. thanks for joining us today. >> thank you. >> now back to maria with the rest of our program. >> thank you so much, bill. up next on the "wall street journal report," the man whose name means movies. mogul harvey weinstein joins me on the industry, the oscars, and "the king's speech." and applying life lessons to the world of business and leadership. my discussion with spiritual adviser and best-selling author deepak chopra. as we take a break, take a look at how the stock market ended the week. [ mom ] can a little bowl of cereal change your life?

i think it can. one of the challenges for kayla being gluten-free is actually finding choices the whole family will love. then we discovered chex cereals. five flavors of chex are gluten-free, including the honey nut flavor, and that's amazing to a mom like me. as a parent you don't want to have to tell your kids "no" all the time. it's nice for me to be able to say "yes" to something that they want to eat. [ male announcer ] chex cereal. five flavors. gluten free.

listen to me, listen to me! >> why should i waste my time listening to you? >> because i have a voice. >> yes, i do. >> a scene there from this year's oscar winner, the best picture "the king's speech" from the weinstein company. joining me co-founder of miramax films, harvey weinstein. harvey, it's great to have you on the program. >> nice to be here. >> congratulations. >> thank you. >> what a fantastic oscar and a

fantastic film. we're thrilled for you. so "the king's speech," the best picture of 2010, winner of four academy awards. your first best picture win since a pretty public period of loss for you after you sold miramax to the walt disney company. is harvey weinstein back? >> let's hope so, for my sake. >> it was really an interesting story to watch, a movie about the british king. not necessarily the type of film that is a perfect fit for mainstream america. and yet it resonated hugely with the country. what is it about a story that makes you know or feel that it will resonate with an audience? >> it was emotional. and that's how i felt when i did -- the first best picture i had was "the english patient." the second one "shakespeare in love." you think about it. people used to say to me anything with the name shakespeare in it was a definite financial bomb. this film ended up grossing 300 million worldwide. "the english patient too."

it's a period piece. to me it's about the emotions. this story about a king and a so-called commoner who is defiant to his king, and a king who learns to love life himself and gets over bullying. you can't miss with a story like that, in my opinion. and yet everybody always says to me make ironman. make some marvel comic book story. that's not what i'm about. that's not what appeals to me. >> what is going on right now in the business? it seems everyone is trying to come up with films that can go 3-d, can, you know, be animated. talk to me about what has changed. >> i think, you know, that the business has become a comic book business. and i think interestingly enough, marvel has done a very good job because they do it well. they make those comic book movies with intelligence. you know, watching robert downey jr. in both ironmans, that's virtuoso acting, tour de force. but what i don't like is the business becomes a situation

where people say the dramas. today i wonder if the grapes of wrath would be green-lit by a studio. how green was my valley would be made by a studio, mrs. minaver, if it wasn't be relegated to some independent financing. really, i think what happens is you lose that classic movie, and you lose -- look at the profit ratio since it's "the wall street journal report." $14 million movie, "the king's speech," going to gross $300 million. a lot better than $150 million or $200 million movie that grosses $300 million. >> has 3-d, the digital age produced any change for the movies you want to make? >> certainly has made a change in the way they want to make. the 3-d in my movies is great dialogue. the scene with legal-the three of them.

>> what does an oscar mean in dollars and cents? how important? >> it's usually important in terms of getting an audience to see something they might not seattle. on the pure economics of it, you take something like chicago. when we won the oscar for "chicago," we grossed $100 million. and pretty much were at the end of our career in the theaters. we won the best picture and grossed another $75 million. and it's a global effect, because the oscars are seen in every country in the world. and they mean something. it is the definitive award for motion pictures on a global basis. >> and it does trigger even more business after the oscar, because people say okay, that's the oscar winner. i'm going now. >> it's a small company. in terms of what it will gross after the oscar. i would reckon that in terms of worldwide gross, the oscar is worth $100 million, minimum to this company. >> let's talk about the campaigning required today. how does it compare to your miramax days in the heyday back in the 1990s? >> well, in those days i used to go to warren beatty's house, you

know, baby-sit for the kids, clean the curtains and do the windows. >> whatever it takes. >> but today it's much more subdued. and thankfully so. probably we were the cause of some of the overexcitement too, because when we first did the academy campaign, we realized the economics would be great, especially for our kind of movie. you know, when i first broke into the business, the movies that got nominated were these big, you know, bombastic studio films. and we were like a slingshot with "my left foot" was the first best picture nomination that i had. and here is a movie that nobody wanted to, quote, see. and again, by being nominated and daniel day lewis winning best actor, audiences did come and see that film. but it was me -- i was really david versus seven goliaths. so i had to put something in my slingshot, you know. so it was fun. and we would do outrageous things to get attention. and we used the oscar to help the independent film movement grow. >> your next film quite a departure from "the king's

speech." talk to us about "miral" about a palestinian orphanage in jerusalem. how difficult it is to tell stories about a part of the world that is volatile politically? >> i'll tell you how difficult it is in personal terms. my mom was so happy for my brother and myself winning an oscar when we won it for "the king's speech." and now she is deciding whether to talk to us again because of "morale." it's all good. she's not the only one there have been people all over this country also threatening in one shape, form or another. i think julian is so brave to tell this story. it's a life story about a young girl growing up practically an orphan, going to a school, wearing uniforms the same way kids wear them in schools all over america. and yet the school is in palestine. and this woman did unbelievable things. but it's told from a different side of the story. it's told from a woman being innocent, being palestinian, and

israelis breaking in and coming in and taking her in and torturing a confession that didn't exist because she didn't do anything. and there is so much of it to see from that point of view. if we don't look at it from that point of view, we'll never understand it. and today with what is happening in libya, egypt, yemen, you know, not to embrace and understand what is going on. i think we make a huge mistake. it's a controversial movie. there is no question about it. fasten your seat belts watching this one. but nonetheless so important to do it. and i will take the criticism because that's really what i do. >> harvey, great to have you on the program. >> thank you, maria. >> congratulations. >> pleasure to see you. >> we love the film. and love having you here. >> thank you. it's a pleasure to be here. >> harvey weinstein joining us. up next on "the wall street journal report," the soul of leadership. my discussion with spiritual leader and adviser deepak chopra on applying lessons in life to business. and you can find us on

[ female announcer ] to get fresh-baked rich, indulgent chocolaty brownies you don't have to open your oven...

just the refrigerator. ready-to-eat pillsbury sweet moments. find them in the refrigerated section of your store. but i've got a warm, fresh baked strawberry toaster strudel. see the difference? mmmm. i do. (announcer) pillsbury toaster strudel. the one kids want to eat. what do you see yourself doing after you do retire? client comes in and they have a box. and inside that box is their financial life. people wake up and realize. "i better start doing something." we open up that box. we organize it. and we make decisions. we really are here to help you. they look back and think "wow. i never thought i could do this." but we've actually done it. [ male announcer ] visit ameriprise.com and put a confident retirement more within reach.

deepak chopra is the author of more than 50 books, including 14 best-sellers, and is well-known as a spiritual leader. he is a medical doctor who focuses on mind-body connection, and he has a new book out "the soul of leadership: unlocking your potential for greatness." deepak, it's great to have you on the program. >> thanks, maria. >> thank you so much for joining us. let's talk about leadership, because this is obviously the subject on everyone's mind, whether it's in the corporate sector or the political arena you.

say leaders lead from the soul. what do you mean by this, and what kind of practical applications does that have? >> i've been teaching the soul of leadership as a course at kellogg business school for the last ten years. so you have leaders at all levels. you have the first level where leaders come from a place of fear and also instill fear, which we're seeing right now in the middle east. you have leaders who promise achievement and can create achievement. you have team-builders. you have nurturers. you have innovators. leaders that come from a higher consciousness. i think the basic thing is what am i observing, what am i feeling, what is the need here, and what is the best way to fulfill that need. >> and you say people can gain those skills, the leadership skills. >> yes. >> and insights to be an inspired leader. how do you do that? how can that be done? >> well, you actually learn to ask the right questions. as i said, every great story has the following elements.

where are we now, where would we like to be, and how will our life be different when we get there? >> that vision is critical. >> that vision is critical. but it has to be practical. if it's not practical, it's just idealism. >> you have a an anachronism for leader. >> yes. >> look, and listen, empowerment, responsibility, and synchronicity. take us through each of these. explain how it can be applied in both your every day life and business. >> look and listen is creating a vision after deep listening. emotional bonding. you can do everything, but if you're not emotionally bonded with your team, it will falter at some point. a, awareness. what is the need and the best way to fulfill that need. d, doing, which means being a role model for action. >> and i like what you said about listening, because you also have to connect with the people. you can't do this from another place. you've got to be there.

>> you've got to be there. and you've got to see what is happening. very interestingly, by the way, maria, my last course at kellogg, i had gadhafi's youngest son in the class. >> wow. >> and we were discussing egypt at that time. and he was kind of listening and taking notes. very carefully, and then three weeks later we have this disaster in libya. >> yeah. so what can you tell us about him? what kind of a person -- >> he was? >> yeah. >> he's not been in the news. >> no, he hasn't. >> he introduced himself as an investor in the middle east. he did not say that he was from libya. the other thing we were all asking, you know, what your hobbies are. and he mentioned horses and riding is his hobby. and adventure, and what his ambition was, to be a great leader. >> you certainly kept abreast of new technology and media.

you have smartphone applications, a satellite radio show, a twitter account with lots of followers, in addition to chopra center. and your name is on the brand, all of the brands. how do you keep it focused on your core values, maintain what you have done so well over the years, that integrity of your brand? >> i keep my attention on my core values. what gives me meaning. what gives me purpose. what is the purpose of effective relationships. i don't believe in networking, but building healthy relationships. i use twitter to inspire people. i have over a thousand to 2,000 new followers every day. >> thank you, deepak. >> thank you. >> great to have you on the program. >> thank you. >> thank you so much. deepak chopra joining us. up next on "the wall street journal report," a look at the news this upcoming week that will have an impact on your money. and then finding wedded bliss in bulk? a big box turn for the budget conscious. stay with us. ovmore an ltening to ouravoritsong

than liste our favngs. t r fari is eatnoizol.

e'reheids in ♪ for more on our show and our guests, check out the website, wsjr.cnbc.com. now a look at the stories coming up in the week ahead that may move the markets and impact your money this week. monday, the nation's realtors will report on the total number of existing homes sold. wednesday the new homes sold in the month of february. friday, the final revision of gross domestic product will be out. that's for 2010's final quarter, as well as the final reading of march's consumer sentiment.

finally today, bridal wear in aisle five? costco has started offering weddings dresses alongside toilet paper. the six-dress line ranges from about $700 to $1400, and it's just started being offered at in-store trunk shows on the west coast. love and marriage, the costco way. that will do it for us today. thank you so much for joining us. my guest next week, "new york times" columnist david brooks. each week keep it right here, where wall street meets main street. have a great week, everybody. i'll see you again next weekend.